KeyCorp Lowers Procore Technologies (NYSE:PCOR) Price Target to $80.00

Procore Technologies (NYSE:PCOR) had its price target lowered by investment analysts at KeyCorp from $91.00 to $80.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price objective indicates a potential upside of 56.04% from the stock’s previous close.

A number of other equities research analysts have also commented on PCOR. William Blair reiterated an “outperform” rating on shares of Procore Technologies in a research report on Friday, October 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd. UBS Group cut their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. BMO Capital Markets decreased their target price on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, DA Davidson raised shares of Procore Technologies to a “hold” rating in a report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.53.

Procore Technologies Price Performance

NYSE PCOR opened at $51.27 on Friday. The company has a market cap of $7.97 billion, a price-to-earnings ratio of -61.03 and a beta of 0.89. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33. The stock’s fifty day moving average price is $69.75 and its 200 day moving average price is $70.65. Procore Technologies has a 1 year low of $49.40 and a 1 year high of $88.92.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.10. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The business had revenue of $338.85 million for the quarter, compared to the consensus estimate of $328.13 million. During the same quarter in the previous year, the business earned $0.24 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts forecast that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Buying and Selling

In related news, Director William J.G. Griffith sold 207,474 shares of Procore Technologies stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.30, for a total value of $15,000,370.20. Following the completion of the transaction, the director owned 3,244,546 shares in the company, valued at $234,580,675.80. The trade was a 6.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of the stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $71.91, for a total value of $21,573,000.00. Following the transaction, the chairman owned 677,796 shares in the company, valued at $48,740,310.36. This represents a 30.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 690,703 shares of company stock valued at $50,266,998 in the last ninety days. Company insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Brighton Jones LLC purchased a new position in shares of Procore Technologies during the 4th quarter valued at approximately $511,000. Goldman Sachs Group Inc. raised its position in Procore Technologies by 5.2% during the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after acquiring an additional 36,426 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Procore Technologies by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after purchasing an additional 52,507 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Procore Technologies by 8.9% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,030 shares of the company’s stock valued at $618,000 after purchasing an additional 735 shares during the period. Finally, KLP Kapitalforvaltning AS grew its position in shares of Procore Technologies by 13.9% in the second quarter. KLP Kapitalforvaltning AS now owns 22,900 shares of the company’s stock valued at $1,567,000 after purchasing an additional 2,800 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

About Procore Technologies

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.